Republic of Korea: Sweet Biscuit Market 2024

Sweet Biscuit Market Size in Republic of Korea

The South Korean sweet biscuit market amounted to $X in 2021, picking up by 12% against the previous year. Over the period under review, consumption, however, showed a mild shrinkage. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Sweet Biscuit Production in Republic of Korea

In value terms, sweet biscuit production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a slight setback. The most prominent rate of growth was recorded in 2017 when the production volume increased by 49%. Sweet biscuit production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Sweet Biscuit Exports

Exports from Republic of Korea

In 2021, the amount of sweet biscuits exported from South Korea soared to X tons, growing by 30% on the previous year. In general, exports enjoyed a noticeable expansion. The pace of growth was the most pronounced in 2018 when exports increased by 263% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, sweet biscuit exports surged to $X in 2021. Over the period under review, exports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 263% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the near future.

Exports by Country

China (X tons) was the main destination for sweet biscuit exports from South Korea, with a 25% share of total exports. Moreover, sweet biscuit exports to China exceeded the volume sent to the second major destination, Russia (X tons), twofold. The third position in this ranking was taken by Vietnam (X tons), with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +38.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-9.9% per year) and Vietnam (-11.5% per year).

In value terms, China ($X) remains the key foreign market for sweet biscuits exports from South Korea, comprising 24% of total exports. The second position in the ranking was held by Russia ($X), with a 6.7% share of total exports. It was followed by Saudi Arabia, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value to China totaled +35.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-6.7% per year) and Saudi Arabia (+5.0% per year).

Export Prices by Country

In 2021, the average sweet biscuit export price amounted to $X per ton, growing by 4.3% against the previous year. Over the period under review, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sweet biscuit export price increased by +60.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of 23%. Over the period under review, the average export prices attained the maximum in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Macao SAR (+15.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sweet Biscuit Imports

Imports into Republic of Korea

In 2021, imports of sweet biscuits into South Korea contracted to X tons, with a decrease of -13.4% on the previous year's figure. Over the period under review, imports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 97%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, sweet biscuit imports surged to $X in 2021. In general, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 88% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Indonesia (X tons), Belgium (X tons) and Malaysia (X tons) were the main suppliers of sweet biscuit imports to South Korea, together accounting for 21% of total imports. China, Germany, the United States, Thailand, the Netherlands, France, Italy, Vietnam, Poland and the Philippines lagged somewhat behind, together comprising a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +55.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sweet biscuit suppliers to South Korea were Indonesia ($X), the United States ($X) and France ($X), together comprising 20% of total imports. These countries were followed by Belgium, Germany, Malaysia, Thailand, China, the Netherlands, Italy, Poland, Vietnam and the Philippines, which together accounted for a further 31%.

Germany, with a CAGR of +49.5%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average sweet biscuit import price amounted to $X per ton, growing by 33% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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